The SEC has updated their page with more details regarding ICOs.
Companies and individuals are increasingly considering initial coin offerings (ICOs) as a way to raise capital or participate in investment opportunities. While these digital assets and the technology behind them may present a new and efficient means for carrying out financial transactions, they also bring increased risk of fraud and manipulation because the markets for these assets are less regulated than traditional capital markets. That’s why we are providing this information about the three “Rs” of ICOs: Risks, Rewards and Responsibilities.
Source/More: SEC.gov | Initial Coin Offerings (ICOs)